Each share of common stock and warrant to purchase one share of common stock are offered at a combined public offering price of $4.13. The warrants will have a per share exercise price of $5.16, are exercisable immediately and will expire five years from the date of issuance. The common stock and the warrants have been approved to list on the Nasdaq Capital Market under the symbols MRDN and MRDNW, respectively.
The aggregate gross proceeds to Meridian Waste from the public offering are expected to be $12.39 million prior to deducting underwriting discounts, commissions and other estimated offering expenses. Meridian Waste has granted the underwriters a 45-day option to purchase up to an additional 450,000 shares of common stock and/or warrants to purchase 450,000 shares of common stock to cover over-allotments, if any. The offering is expected to close on Jan. 30, 2017, subject to customary closing conditions.
Meridian Waste says it intends to use the net proceeds from the public offering for capital expenditures including additional trucks and equipment to service recently awarded business, tuck-in acquisitions, repayment of indebtedness and working capital.
Joseph Gunnar & Co. LLC is acting as sole book-running manager for the offering. Axiom Capital Management Inc. is acting as a co-manager for the offering and Garden State Securities Inc. is acting as a Selected Dealer in the offering.
The Securities and Exchange Commission declared effective a registration statement on Form S-1 relating to these securities on Jan. 24, 2017. A final prospectus relating to this offering will be filed with the SEC. The offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained by contacting Joseph Gunnar & Co., LLC, Prospectus Department, 30 Broad Street, 11th Floor, New York, NY 10004, telephone 212-440-9600, email: email@example.com. Investors may also obtain these documents at no cost by visiting the Securities and Exchange Commission's website at http://www.sec.gov.
Meridian Waste Solutions operates in St. Louis and services over 65,000 residential, commercial, industrial and governmental customers. In addition to a fleet of commercial, residential and roll off trucks, the company operates three transfer stations and one municipal solid waste landfill.